Published On : Mon, Jan 9th, 2017

PM may be summoned to explain demonetisation drive

28mann-ki-baatNew Delhi: Prime Minister Narendra Modi could be asked to explain his abrupt demonetization drive to a parliamentary committee, its chief, Congress leader VK Thomas, said today, reports newsagency.

The Public Accounts Committee has ordered Urjit Patel, the Governor of the Reserve Bank of India, to meet it on the 20th of this month to explain both how the decision to demonetize was taken as also the impact on the country’s economy.

Patel has also been sent a detailed list of questions on the process that abolished 500 and 1,000-rupee notes at just a few hours’ notice on November 8.

The cash shortage that resulted has eased up a little in recent days, but there’s still nowhere near enough of the new notes in supply and economists predict a slowdown in growth.

“The committee has all right to call anybody involved in the matter. But that will depend on the outcome of the January 20th meeting. We can call PM on demonetisation issue if members unanimously decide,” said Thomas.

He also said that when he met with the PM after the reform was introduced, “He said that the situation will be normal after 50 days by December-end. But it does not looks like (it).”RBI Governor Patel has been heavily faulted, including by opposition leaders, over the shortage of replacement currency and the continuing restrictions on the cash that people can withdraw from banks.